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Filtered By Category: Taxation

May 4 2023

Basis period reform: what does it mean for your farming business?

Categories: AgricultureTaxation

From 6 April 2023, HMRC implemented reforms to the basis period method of assessment which will affect all sole traders, partnerships and LLPs that currently do not prepare their annual accounts to a year ending between 31 March and 5 April. The previous basis period rules Under the previous rules, all unincorporated businesses were assessed more

Apr 21 2023

Basis Period Reform – time to start planning

Categories: LeisureTaxation

The UK Government have confirmed that the basis period reform will go ahead as planned. This means that the profits and losses of sole traders and partnerships, of which many Furnished Holiday Let (FHL) businesses are operated, will be calculated based on the tax year itself, not the accounting period ending in the tax year more

Mar 15 2023

Spring Budget 2023

Categories: Taxation

Chancellor, Jeremy Hunt, delivered what he termed as a “Budget for Growth”, which is “long term & sustainable”. The first headline statement was that the International Monetary Fund confirmed that the UK will not enter a technical recession this year. Furthermore, the Office of Business Responsibility report that inflation will fall from 10.7% to 2.9% more

Oct 17 2022

New Chancellor reverses more tax cuts from Mini-Budget

Categories: Taxation

In his first speech as the new Chancellor, Jeremy Hunt, reversed almost all the tax cuts announced by his predecessor in the Mini-Budget three weeks ago. This follows on from the announcement on Friday that the Corporation Tax rise would go ahead as planned, increasing to 25% from 1 April 2023. As part of today’s more

Oct 14 2022

Mini-Budget U-turn – Corporation Tax rise reinstated

Categories: Taxation

In a dramatic turn of events, starting with the departure of Chancellor Kwasi Kwarteng, Prime Minister, Liz Truss, confirmed the rumour circulating for the last two days that the UK Government would reinstate the corporation tax rise to 25% with effect from 1 April 2023. Whilst the short term changing of policy is singularly unhelpful more

Oct 6 2022

Gift Aid Awareness Day 2022

Categories: CharitiesTaxation

Every October since 2018, charities have been invited to participate in Gift Aid Awareness Day. Gift Aid Awareness Day is organised by Charity Finance Group and this year’s campaign is #TickTheBox which focuses on the value of Gift Aid on the people and communities they serve. Gift Aid is a tax relief for charities in more